Aztlan North America Nearshoring Stock Selection ETF (NRSH)

The Aztlan North America Nearshoring Stock Selection ETF seeks to capture a structural shift in global manufacturing: the movement of production capacity back to North America from distant, cheaper locations in Asia and elsewhere. Named for the anticipated nearshoring trend—often called “rebalancing the supply chain”—it concentrates on the companies that would benefit most from that reordering: the warehouse operators and logistics firms that move goods, the transportation networks that carry them, and the real estate landlords who house manufacturing and fulfillment centers.

NRSH launched as a purpose-built nearshoring play in a particular moment. The post-pandemic years exposed the fragility of far-flung supply chains. Lockdowns froze container ports, shipping costs tripled, and manufacturers discovered that their reliance on single-source suppliers in far-off countries carried hidden costs. Simultaneously, rising wages in China and the political unwinding of the assumption of free trade between the United States and Asia created new incentives for bringing production closer to home. Aztlan ETFs saw an opening: a thematic fund capturing not the manufacturers themselves (who might or might not shift production) but the infrastructure landlords and logistics operators who would profit regardless, because nearshoring changes where, not necessarily how much, goods move.

The fund’s index reflects this angle squarely. Its holdings come from sectors tied directly to the supply chain’s physical footprint: industrial real estate investment trusts that own and lease warehouses and distribution centers; specialized REITs focused on data centres and infrastructure; ground and air transportation operators; logistics firms; and ports and terminals. The portfolio is deliberately non-diversified—a tightly focused bet on the idea that the costs of manufacturing in Asia will continue to rise relative to North America, and that capacity will, over time, shift westward.

The underlying exposure is substantial but narrow. Micron Technology, Sterling Infrastructure, and Sanmina form the core holdings, each representing roughly five percent of assets. The fund holds approximately thirty to forty positions, all drawn from the narrowly defined nearshoring supply-chain universe. An expense ratio of 0.76 percent reflects the active construction of this customized index. As a non-diversified fund, NRSH carries no comfort from automatic diversification and is exposed fully to the bet that nearshoring will in fact occur and will benefit these particular sectors.

The thesis works only if several things hold true: that the political consensus around keeping manufacturing closer to home persists or deepens; that shipping and logistics costs remain elevated; that real estate operators can raise rents on new warehouses; and that the industrial real estate cycle does not turn sharply downward. A reversal in any of these would leave the fund exposed. Investors researching it should examine the latest 10-K filings of its largest holdings and watch the quarterly earnings calls for discussion of warehouse occupancy, rental rates, and forward-looking capacity plans. The fund trades on the stock exchange like any other ETF, and its price fluctuates with broader sentiment about the permanence and scale of the nearshoring shift.